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Freddie Mac Documents, Lawyer Accused of Fraud, Tenants, Lenders Exposed to Scams

POSTED: 10:41 AM ET, 12/ 9/2008 by Chris Matthews

Good morning, and welcome to the Daily Read for Tuesday.

Revealing Freddie Mac Documents» Internal Freddie Mac documents show that senior executives were warned years ago that they were offering mortgages that could pose dangers to the firm, hurt borrowers and generate more risky loans throughout the industry... and Internal Freddie Mac budget records show $11.7 million was paid to 52 outside lobbyists and consultants in 2006.— Washington Post, Associated Press

Lawyer Accused in Hedge Fund Fraud » Federal authorities in New York arrested a prominent and powerful NY lawyer Sunday for his role in a $100 million fraud scheme, portraying his recent undertakings as more high-stakes grifting than high-end lawyering. — New York Times

Tenants, Lenders Exposed to Scams » The foreclosure debacle has pushed tens of thousands of D.C. area residents into the rental market, many with crippled credit and a desperate need for housing; waiting for them has been a new cast of swindlers, cheats and real estate sharks ready to prey on the weak and needy. — Washington Post

Military Leaders Left Troops Vulnerable » The Marine Corps left troops in Iraq vulnerable to deadly roadside bombs by failing to answer an urgent request from battlefield commanders for blast-resistant vehicles, according to an internal Pentagon investigation. — Associated Press

Former Pakistani Official Denies Terror Links» A former high-ranking Pakistani intelligence official denied allegations Monday that he had given advice and support to a Pakistani militant group linked to the attacks on the Indian city of Mumbai late last month. — Washington Post

Guard's Plea Helps Indict Others» The Justice Department largely built their case against the five Blackwater security guards charged with shooting Iraqi civilians around the chilling testimony of a sixth guard who plead guilty to manslaughter — New York Times

After the jump...

Best of the Rest

» College Board Lowered Prices for Loan Endorsements(ABC)
» Detective Says Teen Was Shackled to Fireplace, Tortured(AP)
» Hidden Travels of the Atomic Bomb(NYT)
» Education Department Reworks Privacy Regulations(WSJ)
» Rangel Disputes Ethics Allegations (WSJ)
» Congressman Gets 5 Days for Drunken Driving (AP)
» Guantanamo Detainees(NYT)

More on Mumbai

» Suspected Planner of Mumbai Attacks Seized in Raid (WaPo)
» Pakistan Detains Two Lashkar Leaders(WSJ)
» U.S. Seeks Financial Blacklist for Some Pakistanis(WSJ)

By Chris Matthews |  December 9, 2008; 10:41 AM ET The Daily Read
Previous: D.C. Region: Millions Flow to Former Councilman | Next: Tapping the Governor's Phone


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The media, as well as enforcement authorities are IGNORING the most lethal and needless factor of the mortgage crisis: White Collar foreclosure fraud. These kinds of foreclosures are needless due to the sheer fact that a NOT valid foreclosure proceeding creates the unlawful need for a family to look for some place else to live. Yet, false foreclosures are an alarming USA reality! Usually, it happens when debt collector attorneys unconscionably and intentionally file foreclosure cases under defunct mortgage companies, or under companies having no ownership of promissory notes. (Without an attorney filing foreclosure proceedings, petty scams for saving people’ homes would be meaningless.) Some collectors are even committing extortion by charging unfair fees far beyond the "Acceleration Clause," thereby making it impossible for borrowers to bring current their mortgage debts. When homeowners sue for "Unfair Debt Collection Practices," etc, the collectors are delighted because they make even more $$$$ through protracted litigations. (By the way, protracted foreclosure litigation is the cause for the Securities lawsuit, Super Future Equities v. Wells Fargo Bank, et al.) More specifically, in the State of Louisiana, Freddie Mac is involved in fraudulent foreclosures and flipping of properties via use of non-existent buyers / sellers. Certain foreclosure attorneys file falsified documents and foreclosures, as well as false bankruptcy "Lift Stay" motions in order to accomplish various acts of real estate frauds.

Real estate foreclosures are bonanzas of predatory and deceptive lending because these kind enable PROPERTY FLIPPING, and enables INVESTORS to be misled concerning housing markets. Succinctly, fraudulent foreclosures causes scores of people to unlawfully lose ownership of their properties. It is well past time for authorities to address this outrageous exploitation. For information and viewer comments see: “Foreclosure Fraud - An Interesting Variation of Mortgage Fraud - Comments Ethics Speaker Chuck Gallagher”
Barbara Ann Jackson

Posted by: lawgrace | December 12, 2008 1:30 AM

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